Investments in Equity Securities (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment

The carrying amount of our investments consisted of the following at December 31:

(in millions)	2022		2021
ABI	$	8,975	$	11,144
JUUL	250		1,705
Cronos (1)	375		632
Total	$	9,600	$	13,481

(1) Our investment in Cronos at December 31, 2021 consisted of our equity method investment in Cronos of $617 million and also included the Cronos warrant and the Fixed-price Preemptive Rights (collectively, “Investment in Cronos”), which were measured at fair value. We irrevocably abandoned the Cronos warrant on December 15, 2022, and the Fixed-price Preemptive Rights had no value at December 31, 2022. See below for further discussion.

(Income) losses from investments in equity securities consisted of the following:

	For the Years Ended December 31,
(in millions)	2022		2021		2020
ABI (1)	$	1,973	$	5,564	$	223
Cronos (1)	213		415		(12)
(Income) losses from investments under equity method of accounting	2,186		5,979		211
JUUL (2)	1,455		—		(100)
(Income) losses from investments in equity securities	$	3,641	$	5,979	$	111

(1) Includes our share of amounts recorded by our investees and additional adjustments, if required, related to (i) the conversion from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.

(2) Investment in JUUL is accounted for as an investment in an equity security measured at fair value. See below for further discussion.

Investees’ summarized financial data for our equity method investments was as follows:

	For Altria’s Year Ended December 31,
	2022 (1)				2021 (1)				2020 (1)
(in millions)	ABI		Other Investments		ABI		Other Investments		ABI		Other Investments
Net revenues	$	57,267	$	947	$	52,864	$	1,313	$	48,294	$	37
Gross profit	$	31,588	$	525	$	30,653	$	757	$	28,438	$	(31)
Earnings (losses) from continuing operations	$	7,879	$	(521)	$	7,434	$	(800)	$	4,265	$	99
Net earnings (losses)	$	7,879	$	(521)	$	7,434	$	(800)	$	4,266	$	98
Net earnings (losses) attributable to equity investments	$	5,838	$	(520)	$	5,780	$	(798)	$	3,323	$	100

	At September 30,
	2022 (1)				2021 (1)
(in millions)	ABI		Other Investments		ABI		Other Investments
Current assets	$	24,164	$	963	$	21,593	$	1,882
Long-term assets	$	182,087	$	274	$	190,082	$	1,049
Current liabilities	$	32,649	$	38	$	33,540	$	451
Long-term liabilities	$	96,497	$	8	$	105,973	$	2,277
Convertible Preferred Stock	$	—	$	—	$	—	$	715
Noncontrolling interests	$	11,778	$	(3)	$	11,356	$	(3)

(1) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos, as well as JUUL’s financial data for the periods during which we accounted for our investment in JUUL as an equity method investment under the fair value option.

Equity Method Investments

We recorded non-cash, pre-tax unrealized losses, representing these changes, as follows:

	For the Years Ended December 31,
(in millions)	2022		2021		2020
Fixed-price Preemptive Rights	$	1	$	23	$	45
Cronos warrant	14		125		95
Total	$	15	$	148	$	140

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balance of our investment in JUUL, which is classified in Level 3 of the fair value hierarchy:

(in millions)	Investment Balance
Balance at December 31, 2020	$	1,705
Unrealized gains (losses) included in (income) losses from investments in equity securities	—
Balance at December 31, 2021	1,705
Unrealized gains (losses) included in (income) losses from investments in equity securities	(1,455)
Balance at December 31, 2022	$	250